The Chandler Company purchased equipment for $16,000 on January 1,2010.The equipment had an estimated useful life of four years and an estimated salvage value of $4,000.At the beginning of 2012,the equipment was sold for $7,000.Show how the sale affected the financial statements for 2012.

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The Answer of The Chandler Company purchased equipment for $16,000 on January 1,2010.The equipment had an estimated useful life of four years and an estimated salvage value of $4,000.At the beginning of 2012,the equipment was sold for $7,000.Show how the sale affected the financial statements for 2012.

The Chandler Company Purchased Equipment for $16,000 on January 1,2010